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Parkway Life Real Estate Investment Trust (P-Reit) – Said yesterday that it has agreed to buy seven nursing homes in Japan for a total of 7.85bn yen (S$105.7m). The current turmoil in the financial markets has opened up opportunities, said P-Reit manager Parkway Trust Management (PTM). The acquisition of the nursing homes is yield accretive to unit-holders, P-Reit said. The net initial yield of the portfolio is 6.9%, with individual yields ranging from 6.7% to 7.2%. P-Reit said that the acquisition will be funded by debt, which will increase its gearing from 10.3% to 19.7%. The trust said that it is drawing down committed debt facilities that are already in place. The seven nursing homes are located across Japan, including Tokyo, Chiba, Saitama, Kanagawa and Hyogo. All of them are managed by established operators in Japan. P-Reit bought the homes through its wholly owned subsidiary Parkway Life Japan3 from a wholly owned subsidiary of Japanese property investment company Kenedix. Japan has the world's fastest-growing population of elderly people.